“Digital financial inclusion is not simply about getting more Filipinos to use digital wallets or bank apps. It is about making sure that every Filipino – regardless of income, location, age or level of digital familiarity – can actually access and use financial services safely, easily and with confidence.”
Senator Erwin Tulfo said this, adding that for many Filipinos, the first barrier is still access—opening an account, completing requirements, understanding digital processes, maintaining a minimum balance or even knowing where to seek help can discourage people from entering the formal financial system.
This, he said, is why we nee1d to focus on removing barriers to participation rather than looking at financial inclusion only through the lens of transaction costs.
Tulfo noted that lower or even zero fees can certainly help encourage digital transactions, but they are only one part of the bigger picture.
“If a person cannot easily open an account, does not have reliable connectivity, finds an application difficult to use, or is afraid of making a mistake or becoming a victim of fraud, eliminating a transaction fee will not by itself make that person financially included. The goal should be to make formal financial services easy to enter, easy to understand and easy to use,” he said.
He added: “This is also where digital banks, traditional banks, e-wallets, fintech companies, telecommunications providers and government regulators have an important role to play. We need an ecosystem where different financial services can work together and where consumers are not forced to navigate unnecessary barriers simply to move money or access basic financial services.”
The Bangko Sentral ng Pilipinas, he said, has already made financial inclusion a major policy objective, including through its efforts to expand access to basic deposit accounts, promote digital payments and encourage responsible innovation, adding that the challenge now is to ensure that these policies translate into experiences that ordinary Filipinos can feel in their daily lives.
Financial inclusion, the Senator notes, must also be accompanied by consumer protection and trust. People will not embrace digital finance if they believe their money or personal information is unsafe. Strong safeguards against fraud, clear information on fees and charges, accessible customer support and effective mechanisms for resolving complaints are therefore essential.
“We also have to recognize that not everyone starts from the same place. Some Filipinos are highly comfortable with digital technology, while others – particularly first-time users – may need simpler interfaces, clearer instructions and more assistance. Digital financial inclusion therefore requires not only technology, but also financial and digital literacy.
At the same time, we should not overlook the importance of connectivity and reliable digital infrastructure. A financial service cannot be truly inclusive if the people who need it most cannot reliably connect to it,” Tulfo said.
Ultimately, he said that digital financial inclusion is about giving people more choices and fewer obstacles and allowing a market vendor, farmer, worker, senior citizen, student or small entrepreneur to participate in the formal financial system without feeling that it is too complicated, too costly or simply not meant for them.
The measure of success, he adds, should not only be how many accounts have been opened or how many digital transactions have been made.
“The bigger question is whether more Filipinos are able to save, receive payments, send money, borrow responsibly, insure themselves and manage their finances because financial services have become genuinely accessible to them. If we can create a financial ecosystem with zero unnecessary barriers – not necessarily zero fees – we can bring digital finance closer to the people who need it most. That is the real promise of digital financial inclusion: Not technology for its own sake, but technology that makes financial services more accessible, affordable, understandable and useful to every Filipino,” Tulfo said.
